Breaking news about international paper & polymer money

The Korea chapter of The Banknote Book is now available for individual sale at US$9.99, and as a free download to subscribers.

This 19-page catalog covers notes issued by the Treasury Department in 1893, the First National Bank from 1902 to 1909, the Bank of Korea from 1910 to 1911, the Bank of Chosen from 1914 to 1947, and the Red Army Headquarters from 1945 to 1946. Published 13 May 2016.

Each chapter of The Banknote Book includes detailed descriptions and background information, full-color images, and accurate valuations. The Banknote Book also features:

Sharp color images of note’s front and back without overlap

Face value or date of demonetization if no longer legal tender

Specific identification of all vignette elements

Security features described in full

Printer imprint reproduced exactly as on note

Each date/signature variety assigned an individual letter

Variety checkboxes for tracking your collection and want list

Red stars highlight the many notes missing from the SCWPM

Date reproduced exactly as on note

Precise date of introduction noted when known

Replacement note information

Signature tables, often with names and terms of service

Background information for historical and cultural context

Details magnified to distinguish between note varieties

Bibliographic sources listed for further research

Subscribe to The Banknote BookIf you collect the entire world or a large number of countries, buying a subscription is the best deal because it's less expensive than buying chapters individually, and it entitles you to every chapter currently available as well as everything published—or revised (click here to see the Change Log)—during the term of your subscription.

Sign up for Email NotificationsIf you would like to receive email notifications whenever a new chapter of The Banknote Book is published, please join the email list.

According to an article in The Hindu Business Line dated 11 August 2014, the portrait of Kim Il Sung, the founder of North Korea, has been removed from the new 5,000-won note in favor of the birthplace of Kim Il Sung in Mangyongdae, with the back depicting the International Friendship Exhibition building in Myohyang-san.

North Korea has issued into circulation all denominations (5 to 5,000 won) with a 100th birthday overprint in the upper left corner. Other than the overprint, these notes are identical to the preceding issues (DPRK B39 - B47).

The North Korea chapter of The Banknote Book is now available for individual sale at US$9.99, and as a free download to subscribers. BONUS: Buyers of this chapter also get the South Korea chapter free!

This 23-page catalog covers notes issued by the Central Bank of North Korea in 1947, the Trade Bank of DPRK in 1988, and the Central Bank of the DPRK from 1959 to present. Revised 12 May 2016.

Each chapter of The Banknote Book includes detailed descriptions and background information, full-color images, and accurate valuations. The Banknote Book also features:

Sharp color images of note’s front and back without overlap

Face value or date of demonetization if no longer legal tender

Specific identification of all vignette elements

Security features described in full

Printer imprint reproduced exactly as on note

Each date/signature variety assigned an individual letter

Variety checkboxes for tracking your collection and want list

Red stars highlight the many notes missing from the SCWPM

Date reproduced exactly as on note

Precise date of introduction noted when known

Replacement note information

Signature tables, often with names and terms of service

Background information for historical and cultural context

Details magnified to distinguish between note varieties

Bibliographic sources listed for further research

Subscribe to The Banknote BookIf you collect the entire world or a large number of countries, buying a $99 annual subscription is the best deal because it's less expensive than buying chapters individually, and it entitles you to every chapter currently available as well as everything published—or revised (click here to see the Change Log)—during the next 12 months.

Sign up for Email NotificationsIf you would like to receive email notifications whenever a new chapter of The Banknote Book is published, please join the email list by clicking the button below.

Several collectors have contacted me asking about the following items which have recently appeared on the market. According to the Korean wife of a contributor to The Banknote Book, these are bank savings bonds issued by the North Korea Central Bank in 2003. The back is divided into two parts. The left side gives instructions for the bond, stating that the bond is only good at the bank. If lost, the bank will not replace. The bond is good for one year only. At the end of the year, the bank will pay 4% interest. The bonds can't be cashed early. The right side has information for the bond: date issued, date cashed, and the last line is for the bank issuer's signature.

If you collect banknotes only, you should skip these items. If you collect all manner of paper financial instruments, feel free to add copies to your collection.

The Bank of Trade of the Democratic People’s Republic of Korea issued foreign exchange certificates in 1988. They were used until 1999, then officially abolished in 2002, in favor of foreign currencies. There are two well-known sets of certificates. The blue and green set (P23-P30) for capitalist visitors and red certificates (P31-P38) for use by visitors exchanging currency from socialist countries.

However, the following two notes have recently been reported. They are exactly like Pick 23 and Pick 27, respectively, except they are red and brown in color, not blue and green. Does anyone know anything about these? Are the other denominations available in this color scheme too?

This 5-won note is like Pick 19 with an original date of 1978, but overprinted in black “Sun’s Day, Celebration, 90th Anniversary 15th. 4. Juche 91 (2002)” in honor of the 90th birthday (15.04.2002) of President Kim Il Sung.

Does anyone know if other denominations are available with this overprint, and if this was issued as a commemorative note or as a numismatic product not intended for circulation?

Apparently there are two varieties of North Korea’s 500-won note dated 1998 (Pick 44). The first one features fine lines in the clouds surrounding the palace on the front (above, top). On the second one, reportedly issued in 2002 or 2005, the fine lines of the clouds blur into a solid fog as they get closer to the palace (above, bottom). There are also slight differences in the clouds depicted on the back of the note, and it appears that the color of the square seal with star on the watermark area may also be different, though this may be due to variations in printing over time.

It has recently been reported that the North Korea 100-won note dated 1992 (Pick 43) is available with three different watermark varieties: small Arch of Triumph at angle, large Arch of Triumph straight on, and no watermark. The color scheme and printing on the note with the bigger arch watermark is slightly lighter than the others.

In reality, the watermark isn’t missing from the rightmost example, it’s just misplaced. Document security expert Rudolf L. van Renesse has sent a detailed examination of these notes which proves conclusively that there are watermarks in the wrong positions which can be seen under the proper viewing angles.

Collectors are encouraged to examine their North Korean notes carefully and report any other denominations which have different watermark varieties.

According to a report on DailyNK, the North Korean central bank has revalued and is replacing the national currency as of 30 November 2009. With the exchange rate of 100:1, the formerly largest denomination of 5,000 won is now equivalent to 50 new won. Apparently there are nine new won notes ranging from 5 to 5,000 won, which matches the previous currency structure with the exception that the 1-won note has been replaced by a coin and the 2,000-won denomination is new.

There is little concrete information on the reason for this move. Speculation is that the government hopes to dampen inflation, harm the black market, or uncover large caches of hidden cash. The official exchange rate of the won had been 140 to the US dollar, but on the black market it traded at closer to 3,000 to one.

Initially, the government planned to allow each household to exchange up to 100,000 won for new banknotes, but in the face of public protests, the exchangeable amount has been increased, initially to 150,000 won, then later to 500,000 won. These limitations apply only to cash; won deposited in banks can be converted, but only after officials investigate the source of funds over one million won. Citizens have from between 30 November and 6 December to exchange currency. New notes will start circulating from 7 December.

A complete set of North Korean notes with overprints has recently been reported. Unfortunately, little is known about these notes other than that they appear to be the latest issued notes (dates range from 1992 to 2007) with a common overprint in Korean and the Western numerals 95. The literal translation of the overprint is “Great leader Kim Ilsung comrade birth 95th.” Since he was born April 15, 1912, his 95th birthday would have been celebrated in 2007. This seems to fit the latest date on the notes, but does not necessarily mean the notes were issued in 2007. If anyone knows the actual date of introduction, please send me an email so that I can share that information. Also, I’d be interested to learn if these were issued for circulation, or if they were sold only as a numismatic product in special packaging.